Skip to main content

BANXA Announces Audit Update

Written by Customer Service on . Posted in Public Companies.

TORONTO and MELBOURNE, Australia, Dec. 13, 2023 (GLOBE NEWSWIRE) — Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) (“Banxa” or the “Company“) announces an update on the FY23 audit.

Banxa’s audit partner, PKF Antares (“PKF”), provided their final view on Banxa’s agency revenue recognition policy. Despite the independent accounting firm’s opinion and several detailed discussions on the IFRS standard, PKF have maintained their original position on Banxa’s agency revenue recognition policy.

Banxa is disappointed with this outcome, especially considering that Banxa’s agency revenue recognition policy has been reviewed in the past by multiple auditors and the Canadian audit regulator, Canadian Public Accounting Board (“CPAB”). Furthermore, it has been frustrating to have PKF raise the agency revenue recognition policy late into the audit, causing significant delays in the completion of the FY23 audit.

Banxa is committed to completing the FY23 audit as expeditiously as possible, and is evaluating two avenues to completing the audit – 1) deriving a methodology in conjunction with PKF, to restate the FY23 and FY22 agency revenue, that would satisfy PKF’s audit requirements, or 2) getting a qualified opinion of our FY23 audit since the agency revenue recognition does not impact the gross profit or net income figures reported by Banxa. Banxa will have a new timeline for the completion of the audit this week.

Banxa has vigorously defended its agency revenue recognition policy because it strongly believes it is the best application of the IFRS standard and its stance has been validated by multiple auditors and CPAB in previous years. Banxa will continue to uphold its high standards of transparency and accuracy, and will continue to defend its shareholders, employees, and the crypto industry at-large as the company works towards clear standards for publicly traded crypto businesses.

CONTACTS
Media:
Ethan Lyle
banxa@wachsman.com

Investors:
Zafer Qureshi
investors@banxa.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD OF DIRECTORS
Per: “Zafer Qureshi”
Zafer Qureshi = Executive Director and Head, Corporate Affairs, +1-888-332-2692

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.